Repaying Student Loans

Trouble repaying student loans? ACCC can help.

Repaying student loans can be a financial burden long after you receive your diploma. With the cost of college continuing to rise, many people today find themselves repaying student loans well into their 30s, 40s, and even 50s. Large amounts of college debt may prevent many from buying a car, owning a home, saving for retirement, or achieving other financial goals.

When you want to learn how to repay student loans faster or what to do about delinquent or defaulted loans, American Consumer Credit Counseling (ACCC) can help.

Why choose ACCC for help repaying student loans?

As a nonprofit organization, we offer free credit counseling and very affordable debt management programs to individuals and families who want to get out of debt. Our knowledgeable counselors will help you sort through all the possible student loan solutions and determine the best approach that will help you with repaying student loans.

Our website also features a wide variety of free financial education resources and helpful financial tools such as financial calculators, a financial planning worksheet for budgeting, and information on homeownership and preparing for retirement.

Options for repaying student loans.

When you contact ACCC, our credit counselors will help you take stock of your financial situation as well as all the requirements of your student loans. Then we’ll explore all the options available to you and help you choose the one that makes the most financial sense.

Options for repaying student loans include:

Repaying student loans under a new repayment plan. There are a wide number of repayment plans available for Direct Loans and Federal Family Education Loans (FFEL). Plans vary by the amount of interest charged, the amount of time for repayment, and the amount of your student loans payment each month.

Student loan deferment and forbearance. If repaying student loans is a financial hardship, you may be able to defer payments and interest for a period of time. If you are not eligible for deferment, you may qualify for forbearance, enabling you to stop payments for up to 12 months while interest continues to accrue.

Loan consolidation. If you have multiple debts, you may want to consolidate student loans into a single loan with lower interest to make repaying student loans easier.

Student loan forgiveness. The balance of your student loan may be forgiven when you enter certain career fields, including military service, health services and community service.